Condos can be an exciting opportunity to enjoy your living space without having to rent an apartment or own a typical single family home. It’s important to remember, though, that living in a condo presents unique insurance needs. Many people make the mistake of assuming that when a condominium association insurance policy is in place that they don’t need protection of their own.
Your association probably has one of three kinds of insurance: a policy that insures the building itself along with any improvements you make to the unit or any fixtures, a policy that protects any items in your unit beyond personal property, and a policy that insures both the building and items in your unit outside of personal property.
Sadly, there are many other cases where that general insurance policy for the condo building or association will not cover damages for you. Water damage on your walls, a person who gets injured falling in your condo, or a break-in are all examples of situations where that general condo insurance policy is unlikely to protect you or your belongings. In the majority of cases, condo association insurance stops after the exterior walls of the building. This means that you as the condo owner are responsible for the interior walls, your personal property, personal liability, and possibly even some interior fixtures. That’s why it’s critical to get condo insurance designed specifically for condo owners.
There are several basic elements to condo insurance. First of all, your personal property will be protected as well as the interior of the unit itself. Additionally, you’ll have personal liability protection for injuries that others suffer inside your condo or property damage to others. Without condo insurance in place, you can be exposed to major risks as a result of repairs or costly lawsuits. Condo insurance is a valuable form of protection that can guard against risks like a windstorm, theft, accidental water discharge, smoke, vandalism, or fire and lightning.
Too many condo owners find out too late that the association insurance policy doesn’t provide the critical insurance they need, leaving them vulnerable and possibly responsible for costly repairs or settlements related to personal injury suits. With condo insurance in place, you’ll have the peace of mind in knowing that the condo association policy is supplemented by your own individual insurance in the event that a loss occurs. Thoroughly review you existing condo association insurance policy to determine the gaps and reach out today for a quote to protect you and your belongings inside your condo.